Arab Today, arab today west wins fresh saudi oil supply pledge
Last Updated : GMT 01:40:46
Arab Today, arab today
Arab Today, arab today

West wins fresh Saudi oil supply pledge

Arab Today, arab today

Arab Today, arab today West wins fresh Saudi oil supply pledge

Riyadh - Arabstoday

Consuming nations won a new pledge from OPEC leader Saudi Arabia on Wednesday to boost oil supplies to help control prices and protect the global economy from any loss of Iranian crude due to potential sanctions.      Oil prices have climbed to $127 a barrel this year, just $20 short of their all-time high, as tighter Western sanctions on Iran threaten to choke off the country\'s exports.      High oil prices have prompted worries about their impact on the global economy, creating a major headache for politicians around the world including US President Barack Obama, who faces public anger over high gasoline prices during an election year.      Washington has urged ally Saudi Arabia to cover potential shortages when new US and European Union sanctions are expected to reduce Iranian oil exports from July. On Wednesday, veteran Saudi Oil Minister Ali al-Naimi told the International Energy Forum, a major gathering of producer and consumer nations, that the world\'s largest oil exporter stood ready to fill any supply gap.      \'Today the oil market is generally balanced and there is ample production and refining capacity... Saudi Arabia and others remain poised to make good any shortfalls - perceived or real - in crude oil supply,\' Naimi said in a speech, made available to reporters.      The statement appeared to differ from previous comments by Naimi, who has repeatedly said the kingdom was prepared to raise production only if it saw increased demand from customers.            Naimi faced a flurry of calls for additional supply from consuming nations.      \'We think the markets are tight. Therefore, we think there is a need for more production,\' said US Deputy Energy Secretary Daniel Poneman. \'Oil prices at current levels are so high that it\'s not consistent with a sustained economic recovery.\'      British energy minister Charles Hendry took things a step further: \'What we are keen to do is to encourage those with spare capacity to produce more,\' he told reporters. \'We do want to see the prices come down.\'      But both Poneman and the head of the energy agency for industrialised nations, the International Energy Agency, Maria van der Hoeven, said global spare capacity was tight, making it hard to protect the market against supply shortages.      Saudi Arabia is the only producer with spare capacity at the moment and oil importers will rely on Riyadh to fill the gap should Iranian output and exports drop.      Iran produces below 3.5 million barrels per day and exports around 2.2 million bpd to world markets.      Iran Oil Minister Rostam Ghasemi said Iranian oil exports remain unchanged from 2011 even after oil majors Total and Shell stopped buying crude as other customers stepped in.      Saudi Arabia, already running close to record highs of about 10 million bpd, says it has the capacity to increase production to 12.5 million bpd.      But such a move would fully erase the crucial supply cushion and may provoke an even higher spike in prices.      \'There is a thin cushion, so there is concern about supply,\' said van der Hoeven.      Poneman said spare capacity of 2.5 million bpd was at least 1 million below reasonably comfortable levels seen in 2008-2011.      \'Nobody wants to see a repeat of 2008, where you had a high spike leading to global demand destruction,\' he said.      In Washington, surging gasoline prices have become a top issue leading up to national elections in November.      Republicans have argued Obama should take steps to increase US oil production before asking Saudi Arabia for more, while Democrats have blamed speculators for part of the run-up.      \'The number one thing jacking up prices right now is the fear in the markets that Iran will shut off its production,\' said Senator Charles Schumer in a speech on the Senate floor.      Schumer, the third-ranking Democrat in the US Senate, had urged the Obama administration to press the Saudis to boost production, and said the announcement could help reduce oil prices in the short term.      Although the stand-off between the West and Iran is the key worry for oil markets at the moment, the tensions appeared to be a taboo subject at the forum.      Saudi Arabia is also keen to minimise tensions with Iran, which the West accuses of developing a nuclear weapon. Tehran denies the accusations and says its atomic programme is peaceful.      Neither Naimi nor OPEC Secretary General Abdalla al-Badri mentioned the tensions in their speeches, and Ghasemi only vaguely alluded to the stand-off.      \'Exerting unilateral economic constraints of political instigations is a threat, which jeopardises free trade and continuity of oil supply in the world,\' he said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today west wins fresh saudi oil supply pledge Arab Today, arab today west wins fresh saudi oil supply pledge

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts

GMT 05:23 2017 Tuesday ,21 February

Oil rises, but growing US output threatens rally

GMT 00:24 2017 Tuesday ,21 February

OPEC daily basket price announced for Thursday

GMT 16:12 2017 Sunday ,19 February

Oil prices still under pressure from North America
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday